Ferrari CEO Benedetto Vigna defended the ₹5.4 crore price tag for the company’s first fully electric vehicle, the Luce, following backlash after its unveiling. The model has drawn strong interest from new ultra-wealthy customers despite an 8% drop in Ferrari’s share price, Vigna said at a round table in Modena, according to livemint.com.
Vigna explained that the Luce’s price reflects the genuine innovation packed into the vehicle, aiming to distinguish it from other electric cars on the market. The Italian luxury sports car maker unveiled the Luce recently, marking its entry into the fully electric vehicle segment. The CEO emphasized that the pricing decision was independent of comparisons to Chinese electric vehicles, addressing concerns raised by critics.
The launch of the Luce comes as the luxury electric vehicle market expands, with established automakers introducing high-end models to meet growing demand among affluent buyers. Ferrari’s move into electric vehicles follows similar steps by competitors, reflecting a broader industry shift toward electrification. The ₹5.4 crore price positions the Luce at the top end of the market, targeting ultra-wealthy customers seeking exclusivity and innovation.
Looking ahead, Ferrari plans to capitalize on the Luce’s appeal to new customer segments while continuing to innovate in electric vehicle technology. The company’s next milestones include scaling production and expanding its electric lineup, aiming to strengthen its position in the luxury EV market amid increasing competition.